Spectra7 Announces Return of Chief Executive Officer Raouf Halim to Half Time Status after Temporary Medical Leave of Absence

SAN JOSE, Calif., Oct. 25, 2022 /PRNewswire/ -- (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced that, on October 24, 2022, Chief Executive Officer Raouf Halim returned on a half time basis.  The Company previously announced that Mr. Halim had resumed board related duties on a limited time basis on August 29, 2022.

"The board is happy to announce that Raouf is increasing his work time and returning to half time status," said Ron Pasek, Chairman of Spectra7.  "I want to thank Bonnie Tomei and the management team for their extraordinary efforts during Raouf's absence.  They have done an excellent job executing on the Company's long-term strategy during this challenging period for our industry."

"I am very glad to be back and resuming many of the day-to-day operational responsibilities at Spectra7," said Mr. Halim. "During my absence, the Company continued to execute on our strategic priorities.  I want to recognize and extend my sincere appreciation and gratitude to the entire Spectra7 team for their dedication while I was away. I would also like to thank everyone for their warm wishes.  I look forward to returning on a full time basis in the near future."

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high-performance analog semiconductor company delivering unprecedented bandwidth, speed, and resolution to enable disruptive industrial design for leading electronics manufacturers in data centers, 5G infrastructure, virtual and augmented reality, and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and technical support location in Dongguan, China. For more information, please visit www.spectra7.com. 

Neither the TSX Venture Exchange nor its regulation services provided (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTES

Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, statements relating to Mr. Halim's ability to return on a full time basis in the future, and the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to, the risk factors discussed in the Company's annual information form for the year ended December 31, 2021. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

For more information, please contact:

Matt Kreps/Jim Fanucchi
Darrow Associates
214-597-8200
ir@spectra7.com

Spectra7 Microsystems Inc.
Bonnie Tomei
Chief Financial Officer
669-212-1089
ir@spectra7.com

Spectra7 Microsystems Inc.
John Mitchell
Public Relations
650-269-3043
pr@spectra7.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/spectra7-announces-return-of-chief-executive-officer-raouf-halim-to-half-time-status-after-temporary-medical-leave-of-absence-301658302.html

SOURCE Spectra7 Microsystems Inc.